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WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: January 30, 2006
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
Internal Revenue Service - Employer Identification No. 74-1611874
15835 Park Ten Place Drive, Houston, Texas, 77084
(281) 749-7800
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 30, 2006, the Company announced its earnings for the Fiscal Year
2006 First Quarter ended December 31, 2005. A copy of the press release
summarizing these earnings is filed with this Form 8-K as Exhibit 99.1 and is
incorporated herein by reference.
Additional information with respect to the Company's consolidated
statements of operations for the three months ended December 31, 2005 and 2004
and an analysis of revenues and contract drilling costs for the three months
ended December 31, 2005 are attached hereto as Exhibits 99.2 and 99.3,
respectively, which are being furnished; however, should not be deemed to be
filed under Section 18 of the Exchange Act.
ITEM 7.01 REGULATION FD DISCLOSURE
Additional information with respect to the Company's Contract Status
Summary at January 30, 2006 is attached hereto as Exhibit 99.5. Such information
is being furnished under Regulation FD and should not be deemed to be filed
under Section 18 of the Exchange Act.
Statements contained in this report with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements involve risks
and uncertainties. Actual results could differ materially from those anticipated
as a result of various factors including; the Company's dependence on the oil
and gas industry; the risks involved the construction of a rig; competition;
operating risks; risks involved in foreign operations; risks associated with
possible disruption in operations due to terrorism; risks associated with a
possible disruption in operations due to a war with Iraq; and governmental
regulations and environmental matters. A list of additional risk factors can be
found in the Company's annual report on Form 10-K for the year ended September
30, 2005, filed with the Securities and Exchange Commission.
ITEM 9.01 EXHIBITS
EXHIBIT 99.1 PRESS RELEASE DATED JANUARY 30, 2006
EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS
ENDED DECEMBER 31, 2005 AND 2004
EXHIBIT 99.3 ANALYSIS OF REVENUES AND CONTRACT DRILLING COSTS FOR
THE THREE MONTHS ENDED DECEMBER 31, 2005
EXHIBIT 99.4 CONTRACT STATUS SUMMARY AT JANUARY 30, 2006
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATWOOD OCEANICS, INC.
(Registrant)
/s/ James M. Holland
James M. Holland
Senior Vice President
DATE: January 30, 2006
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release dated January 30, 2006
99.2 Consolidated Statements of Operations for the Three Months
ended December 31, 2005 and 2004
99.3 Analysis of Revenues and Drilling Costs for the Three Months
ended December 31, 2005
99.4 Contract Status Summary at January 30, 2006
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EXHIBIT 99.1
Houston, Texas
30 January 2006
FOR IMMEDIATE RELEASE
ATWOOD OCEANICS, INC., Houston-based International Drilling Contractor,
announced today that the Company earned net income of $14,893,000 or $.94 per
diluted share, on revenues of $55,414,000 for the quarter ended December 31,
2005, compared to net income of $8,650,000 or $.56 per diluted share, on
revenues of $45,426,000 for the quarter ended December 31, 2004. Earnings for
the first quarter of fiscal year 2006 were enhanced by $9.3 million of gains on
sales of equipment ($.51 per diluted share).
FOR THE THREE MONTHS ENDED DECEMBER 31,
2005 2004
------------- ----------------
Revenues $ 55,414,000 $ 45,426,000
Income before Income Taxes 17,027,000 8,143,000
(Provision) Benefit for Income Taxes (2,134,000) 507,000
Net Income 14,893,000 8,650,000
Earnings per Common Share -
Basic 0.97 0.57
Diluted 0.94 0.56
Weighted Average Shares
Outstanding -
Basic 15,369,000 15,079,000
Diluted 15,779,000 15,422,000
Contact: Jim Holland
(281) 749-7804
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EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
December 31,
--------------------------
2005 2004
(Unaudited)
REVENUES:
Contract drilling $ 55,414 $ 38,986
Business interruption proceeds - 6,440
-------- --------
55,414 45,426
-------- --------
COSTS AND EXPENSES:
Contract drilling 33,770 25,203
Depreciation 6,390 6,526
General and administrative 5,993 3,571
Gain on sale of equipment (9,275) -
-------- --------
36,878 35,300
-------- --------
OPERATING INCOME 18,536 10,126
-------- --------
OTHER INCOME (EXPENSE)
Interest expense (1,740) (2,018)
Interest income 231 35
-------- --------
(1,509) (1,983)
-------- --------
INCOME BEFORE INCOME TAXES 17,027 8,143
PROVISION (BENEFIT) FOR INCOME TAXES 2,134 (507)
-------- --------
NET INCOME $14,893 $8,650
======== ========
EARNINGS PER COMMON SHARE:
Basic $0.97 $0.57
Diluted 0.94 0.56
AVERAGE COMMON SHARES OUTSTANDING:
Basic 15,369 15,079
Diluted 15,779 15,422
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EXHIBIT 99.3
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2005
DRILLING
REVENUES COSTS
-------- ---------
(In Millions)
ATWOOD HUNTER $ 10.3 $ 3.7
ATWOOD EAGLE 8.0 6.0
ATWOOD FALCON 6.8 3.8
VICKSBURG 6.7 3.5
ATWOOD SOUTHERN CROSS 6.0 5.5
ATWOOD BEACON 5.9 2.4
SEAHAWK 4.6 2.4
RICHMOND 3.9 2.4
OTHER 3.2 4.1
----- -----
55.4 33.8
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EXHIBIT 99.4
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT JANUARY 30, 2006
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
-------------- -------- -------- ---------------
SEMISUBMERSIBLES -
------------------
ATWOOD FALCON MALAYSIA SARAWAK SHELL ("SHELL") The rig is currently working under a 3 1/2 year
commitment with Shell. Commencing in July/August
2006, the rig is scheduled to undergo a $30 million
upgrade of which $24 million will be funded by Shell.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. The rig is currently working under a contract with
("BURULLUS") Burullus which is expected to be completed in March
/April 2006. Upon completion of the current drilling
program, the rig will commence working under a two
year contract for Woodside.
ATWOOD EAGLE AUSTRALIA WOODSIDE ENERGY, LTD. The rig continues to work under a drilling program for
("WOODSIDE") Woodside. Besides the Woodside drilling program, the
rig has two commitments from BHP. The first BHP
drilling program includes one (1) firm well with an
option to drill one (1) additional well. The rig has
been awarded a second contract by BHP to drill eight
(8) firm wells with options for four (4) additional
wells off the Northwest coast of Australia. Following
the BHP work, the rig will drill one well for ENI then
commence a new one-year contract for Woodside. All of
the above commitments should keep the rig employed
through fiscal year 2008.
SEAHAWK MALAYSIA SARAWAK SHELL BERHAD / The rig is currently working offshore Malaysia for
SABAH SHELL PETROLEUM Shell under a contract that should be completed in
COMPANY LIMITED ("SHELL") February 2006. Following the Shell contract, the rig
will be off dayrate for approximately five (5) months
while being upgraded and relocated to West Africa to
commence a contract for Hess. The Hess contract is
for a firm period of 730 days with four options of 180
days each.
ATWOOD SOUTHERN CROSS ITALY ENI SPA AGIP EXPLORATION The rig is currently working for AGIP under a drilling
& PRODUCTION DIVISION program that should be completed in March/April 2006.
("AGIP") Upon completion of the AGIP contract, the rig will be
moved to the Black Sea to commence a drilling program
for Melrose followed by a drilling program for
Toreador.
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CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & The rig is currently drilling one-well for ExxonMobil
PRODUCTION MALAYSIA INC. to be followed by one-well for Petronas Carigali which
("EXXONMOBIL") - are farm-outs from Petrofac. Following the drilling
(Farm-out from PETROFAC) of these two wells, the rig will commence a four (4)
firm plus three (3) options wells contract for
Petrofac which is estimated to take until the first
quarter of fiscal year 2007 to complete. Immediately
upon completion of the Petrofac contract, the rig will
be moved Cambodia to work under an eight month
drilling program for Chevron.
ATWOOD BEACON VIETNAM HOANG LONG AND HOAN VU The rig is currently working under a drilling program
JOINT OPERATING COMPANIES for Hoang Long. This drilling program is expected
("HOANG LONG") take until October 2006 to complete. Immediately upon
completion of its current contract, the rig will be
moved to India to commence a 25-month contract for GSPC
SUBMERSIBLE -
-------------
RICHMOND UNITED STATES HELIS OIL & GAS COMPANY The rig is currently working under a drilling program
GULF OF MEXICO ("HELIS") for Helis. This drilling program is expected to take
until May/June 2007 to complete.
MODULAR PLATFORMS -
--------------------
GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. The Company is currently assisting Woodside in
RANKIN 'A' preparing the NORTH RANKIN 'A' for recommencing
drilling activities in early 2006. The GOODWYN 'A'
continues with an indefinite planned break in drilling
activity, with the Company involved in rig maintenance
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